The term sheet for Redox’s $402 million IPO has finally been extended to local small- and mid-cap funds as its brokers start hull bookbuilding.
Raimond Coneliano, CEO of Redox Chemicals, grandson of founder Roland Coneliano. Louie Douvis
UBS undertook the raise after meeting enough institutional demand for the $402 million on Wednesday.
As previously reported by Street Talk, pricing is set at 13.75 times forward price-to-earnings for fiscal 2024. The aim now is to make the book available to at least 300 independent investors in order to meet ASX listing requirements.
Redox management will be on the road for the next three days and will attend what is expected to be the last investor meeting prior to the IPO. The prospectus is expected to be presented to ASIC next Tuesday.
Redox is expected to trade on the ASX by the end of June with a market cap of $1.3 billion.
Ord Minnett is in charge of UBS as Joint Lead Manager. Wilsons Advisory and Shaw and Partners are co-lead managers.
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